For a smooth rigid space X over a perfectoid field extension K of
$\mathbb {Q}_p$
, we investigate how the v-Picard group of the associated diamond
$X^{\diamondsuit }$
differs from the analytic Picard group of X. To this end, we construct a left-exact ‘Hodge–Tate logarithm’ sequence
$$\begin{align*}0\to \operatorname{Pic}_{\mathrm{an}}(X)\to \operatorname{Pic}_v(X^{\diamondsuit})\to H^0(X,\Omega_X^1)\{-1\}. \end{align*}$$
We deduce some analyticity criteria which have applications to p-adic modular forms. For algebraically closed K, we show that the sequence is also right-exact if X is proper or one-dimensional. In contrast, we show that, for the affine space
$\mathbb {A}^n$
, the image of the Hodge–Tate logarithm consists precisely of the closed differentials. It follows that, up to a splitting, v-line bundles may be interpreted as Higgs bundles. For proper X, we use this to construct the p-adic Simpson correspondence of rank one.